Ripple Approved to Establish National Trust Bank and Expand BNY Partnership
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AI-assisted source synthesis · not an independent investigation.
On October 26, the U.S. Office of the Comptroller of the Currency (OCC) gave final approval for Ripple to establish Ripple National Trust Bank. According to an October 27 report by Cryptopolitan, the bank will manage RLUSD reserves and serve as trustee for reserve collateral. It may also provide digital asset custody services to large institutional clients, but cannot accept deposits or make loans. RLUSD will continue to be issued by Standard Custody & Trust Company, which is regulated by the New York State Department of Financial Services, while Ripple’s application for a Federal Reserve master account is still pending approval. Later that same day, PYMNTS reported that Ripple had begun operating the national trust bank and expanded its partnership with the Bank of New York Mellon (BNY); BNY’s digital asset custody platform now supports XRP and RLUSD.
AI-written from reports · updated 47 minutes ago
Timeline
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- PYMNTSSelectedRipple Receives Final OCC Approval to Operate Ripple National Trust Bank
Ripple received final approval from the OCC and began operating Ripple National Trust Bank; the bank will support RLUSD and is authorized to provide fiduciary digital asset custody services. Ripple also expanded its partnership with BNY, whose digital asset custody platform now supports XRP and RLUSD.
- CryptopolitanSelectedRipple Receives Final OCC Approval to Establish National Trust Bank, Bringing RLUSD Reserves Under Federal Oversight
On October 26, the OCC granted final approval for Ripple National Trust Bank, which will manage RLUSD reserves and serve as trustee for reserve collateral. It may also custody digital assets for large institutional clients. RLUSD issuance will remain with Standard Custody & Trust Company, regulated by the New York State Department of Financial Services; the trust bank cannot accept deposits or make loans. Ripple’s application for a Federal Reserve master account is still pending.
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